Pelosi proposes SALT rollback in next stimulus

A spokesman for the speaker said proposal would be “tailored to focus on middle-class earners”

TRD NATIONAL /
Apr.April 02, 2020 12:00 PM
 House Speaker Nancy Pelosi (Credit: Chip Somodevilla/Getty Images)


House Speaker Nancy Pelosi (Credit: Chip Somodevilla/Getty Images)

Ahead of another stimulus package to address the coronavirus pandemic, House Speaker Nancy Pelosi is reportedly considering a retroactive rollback of the state and local tax (SALT) deduction cap.

The $10,000 cap went into effect in 2018 as part of President Donald Trump’s 2017 sweeping tax overhaul. A Democrat-led effort to repeal it in 2019 was unsuccessful. At the time, New York Gov. Andrew Cuomo went as far as calling the cap an act of “economic civil war” because it hit New York, California and 10 other states much harder than the other 38.

The rollback would benefit some 13 million households, most of whom would be in high-income brackets, according to The New York Times.

Pelosi told the Times that the priority of the next stimulus was to get money to individuals, which would be advanced by having Congress “retroactively undo SALT.”

A spokesman for Pelosi said the proposal fell short of a complete rollback and would be “tailored to focus on middle-class earners and include limitations on the higher end.” [NYT] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
The coronavirus pandemic led to a 35% drop in new residential projects

Residential construction starts have cratered in Chicago

Residential construction starts have cratered in Chicago
Gov. J.B. Pritzker (Getty)

These landlords are suing to toss out Pritzker’s eviction ban

These landlords are suing to toss out Pritzker’s eviction ban
The Robert De Niro and the Nobu Hotel in Fulton Market, which will open July 1. (Credit: Andrew Toth/Getty Images, and Google Maps)

Listen to me carefully: De Niro-backed Nobu Hotel will finally open

Listen to me carefully: De Niro-backed Nobu Hotel will finally open
Home sales tanked in Chicago in May, but more recent data has shown an uptick in homes under contract. (iStock)

Coronavirus sent Chicago home sales to new low in May

Coronavirus sent Chicago home sales to new low in May
Mayor Lori Lightfoot is allowing city restaurants and bars to open for indoor dining — with restrictions — a week ahead of schedule. (Getty)

Order up: Lightfoot to allow indoor dining at restaurants, bars ahead of schedule

Order up: Lightfoot to allow indoor dining at restaurants, bars ahead of schedule
Giglio’s State Street Tavern and restaurateur Bobby Hitz (Google Maps, Giglio's)

Legal strategy to get out of rent works for Chicago eatery

Legal strategy to get out of rent works for Chicago eatery
A new report in Trepp found delinquency rates have jumped for Chicago area hotels and retailers. From left, Palmer House Hilton and Gurnee Mills mall. (Wikipedia Commons)

Over 30% of Chicago-area hotels with CMBS loans missed May mortgage payments

Over 30% of Chicago-area hotels with CMBS loans missed May mortgage payments
 The Chicago housing market is seeing an uptick in contracts signed and in the number of open houses, as buyers and sellers get off the sidelines. (iStock)

Chicago housing market sees uptick in buyers and those on lookout

Chicago housing market sees uptick in buyers and those on lookout
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...